Nonfarm payrolls fell 467,000 in June, more than the estimate that called for a 365,000 decline. May was favorably revised to -322,000 from -345,000. The unemployment rate rose from 9.4% to 9.5%, versus the consensus forecast of the jobless rate to rise to 9.6%. Average hourly earnings were unchanged, versus the Street's forecast of a 0.1% gain. Job losses were widespread across sectors.
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Factory orders for the month of May were released and showed orders gained 1.2%, topping the consensus of economists surveyed by Bloomberg, which called for an increase of 0.9%. April's 0.7% advance was downwardly revised to 0.5%. Excluding transportation, orders rose 0.8%.
The Dow Jones Industrial Average fell 213 points (2.5%) to close at 8,291, the S&P 500 Index lost 26 points (2.8%) to 897, and the Nasdaq Composite dropped 49 points (2.7%) to 1,797. Crude oil fell $2.58 to $66.73 per barrel, and gold was off $11.01 to $929.80 per ounce. For the week, the DJIA slipped 1.7%, the S&P 500 Index slumped 2.3%, and the Nasdaq Composite sagged 2.3%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
